Hampyeong County Offers Loan Support for Return-to-Farmers' Agricultural Start-Ups and Housing Purchases

Jeonnam Hampyeong County Office building.

Jeonnam Hampyeong County announced on the 3rd that it will implement the second half of this year's support program for start-up farming and housing purchases for return-to-farmers, aimed at helping them settle stably in rural areas.

This program is a secondary compensation loan support initiative designed to ease the initial financial burden for those returning to farming. It provides up to 300 million KRW per household for agricultural start-up funds and up to 75 million KRW for purchasing or building a house.

The loan interest rate is 2% per annum, and repayment is structured as a 5-year grace period followed by 10 years of installment payments. The final loan amount is determined within the set limits, based on the applicant's business performance, credit and collateral evaluation by the lending institution, and other reviews.

Notably, starting this year, the scope of permissible non-agricultural income activities has been expanded. In addition, if certain requirements are met, it is now possible to build a house on farmland, further improving settlement conditions for return-to-farmers.

Applications for the program will be accepted until the 19th. Applicants should submit the application form and required documents to the town or township office with jurisdiction over their registered address. For more details on eligibility and qualifications, please refer to the notice on the Hampyeong County Office website or contact the Rural Community Division.

County Governor Lee Sangik stated, "This support program will greatly help reduce the initial economic burden and establish a stable farming foundation for return-to-farmers," and added, "We hope for the active interest and applications from prospective farmers who wish to return to farming."

This content was produced with the assistance of AI translation services.